Go Recontrust Go!

Sean, our Los Angeles correspondent, files this report:

Jim,

Up here in LA it looks like BofA/Countrywide just threw the foreclosure machine switch back to the “on” position. The number of Recontrust properties with opening bids set for tomorrow’s trustee sale auctions just spiked, so it looks like whatever self imposed delays or moratoria they had put in place during the past few months just came to an end. Let’s cross our fingers and hope that maybe last year’s misbegotten prediction that they would crank out 65k foreclosures is about to come true a year later.

Sean

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Here are the San Diego County stats for Recontrust – hopefully this will mean something:

Trustee-sale results, YTD:

Foreclosed: 91

Cancelled: 76

Trustee-sales scheduled:

This week: 298

Next week: 270

1/31 – 2/4: 818

2/7 – 2/11: 884

2/14 – 2/18: 813

2/21 – 2/25: 327

Total: 3,410

Seven percent of the total are facing their first scheduled date.

Bold above – the rolling blob of loanmod-shadowinv ?

6 Comments

Mozart
January 18, 2011

I suppose it depends on where the homes are.

Here is how it is going to go; more foreclosures, more of a relative dip in home sales prices being moved by the lower tier, more pessimism, market stalls in early spring. But the vast majority of homes are crap, still selling at higher prices than you would like. Where’s my ocean view 2005 million dollar home for $350K!?!

Meanwhile more people who are contemplating going loan mod begin to think twice and decide to stick it out. And, the economy improves as more renters will want to take the leap and buy a home.

Expect frustration. I think we’ll also see a continued & steady upswing in new home sales as people start to ignore the REO junk.

No, he means 93% of the scheduled upcoming sales were previously postponed.

Sean
January 19, 2011

Just a disappoint update. BofA/Recontrust only actually auctioned about 50 properties yesterday, just a fraction of what they posted opening bids for for yesterday, so the postponements en masse continue for another day. But I guess at least they’re back to selling some, which is better than none.

Ron
February 5, 2011

BofA/ReconTrust are not trying to sell any of the foreclosures and I have no idea why. Recon actually has a good website listing all the upcoming sales and “sold” properties. however, if you look at the “sales” about 95% are going back to the beneficiary BofA.

nice little nonsensical cycle which means the so-called “shadow inventory” keeps building and building. some woman the other day, top economist for S&P, said that listings were only 1/20 of shadow inventory so more homes than anyone really knows what to do with will ultimately be sold at some point. unfortunately they are keeping them off the market to keep prices artificially inflated.

regarding cancellations, if you have time to waste you can pour over foreclosure websites and find where virtually all these foreclosed properties have been scheduled for auction and then postponed. another cycle that typically finds most of these homes having auctions canceled repeatedly over the previous 12-18 months.

just another way to jerk people around who actually want to buy a home to live in… and pay for.

Shirley
April 26, 2011

I agree with Ron’s comment also recon or whoever won’t post the opening bid till the morning of the sale or postpone it or just think you’ll just move on. Sounds like a shaddy way to get the average Joe to backoff and give the BIg Boys all the deals so they can line there deep pockets. Sounds like the American way

General Information

Connect With US

The links below give you alternatives to accessing bubbleinfo.com and other real estate-related content. The bubbleinfo.com facebook page includes all the bubbleinfo posts. On the twitter account, Jim tweets articles of general real estate interest, preceded by his descriptive comment (you don't have to have a twitter account, or "follow" to read it). The tweets are also displayed in the right-hand column above.

If you prefer to access bubbleinfo.com with your mobile device, the bubbleinfo mobile app for iOS and Android is available for free at their app stores.

If you are only concerned about buying and selling in SD North County and how Jim can help you, stay right here at bubbleinfo - in fact, subscribe so the new posts come to you automatically.